TaxCorporate TaxNorthern carousel scams cause UK fraud to rocket

Northern carousel scams cause UK fraud to rocket

VAT swindles based in the Midlands drive 40% increase in UK fraud to £1.37bn

Intricate VAT carousel fraud scams, concentrated in the
Midlands ,
have caused a 40% increase in fraud to £1.37bn in 2006, a study by BDO Stoy
Hayward has found.

In the Midlands alone the increase in carousel fraud saw overall fraud climb
600% to £600m in the region in 2006,
the Times
reports.

According to the
BDO
Stoy Hayward
research the number of reported frauds in the UK rose
by a third last year to 295 crimes involving £1.37bn.

The study added that the actual cost of fraud was more likely to be around
the £5bn level, as research showed that only 15% of business reported frauds
against them to the police

Further reading:

UK wins backing from France in carousel fraud battle

Carousel fraud bill to reach £5bn

VAT fraud out of control

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